Shares of Kyndryl Holdings (NYSE: KD) soared as much as 20% higher on Wednesday, falling back ever so slightly to a 19.1% gain as of 2:30 p.m. ET. The company, formerly known as IBM's IT infrastructure services business, posted its fifth earnings report as a stand-alone company -- and it was a doozy.

Kyndryl's third-quarter sales fell 5.7% year over year to $4.3 billion. On the bottom line, net losses decreased from $3.30 to $0.47 per diluted share.

Your average analyst expected a loss of $0.82 per share on revenue near $3.92 billion. In other words, Kyndryl blew Wall Street's estimates out of the water.

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Source Fool.com